ImmunityBio (NASDAQ:IBRX) Shares Down 5.6% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX) dropped 5.6% on Tuesday . The stock traded as low as $2.88 and last traded at $2.89. Approximately 1,492,134 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 5,018,983 shares. The stock had previously closed at $3.06.

Wall Street Analyst Weigh In

A number of analysts have commented on IBRX shares. D. Boral Capital reissued a “buy” rating and set a $30.00 price objective on shares of ImmunityBio in a report on Thursday, November 21st. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd.

ImmunityBio Stock Up 0.8 %

The company has a market capitalization of $1.86 billion, a P/E ratio of -2.90 and a beta of 0.86. The business’s 50-day moving average is $4.52 and its two-hundred day moving average is $4.78.

Hedge Funds Weigh In On ImmunityBio

Several hedge funds have recently modified their holdings of IBRX. State Street Corp increased its holdings in ImmunityBio by 10.1% during the third quarter. State Street Corp now owns 8,654,460 shares of the company’s stock worth $32,195,000 after buying an additional 790,408 shares during the last quarter. Barclays PLC grew its position in shares of ImmunityBio by 127.4% during the 3rd quarter. Barclays PLC now owns 361,036 shares of the company’s stock valued at $1,344,000 after acquiring an additional 202,248 shares during the period. Bank of New York Mellon Corp increased its stake in shares of ImmunityBio by 37.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock worth $3,928,000 after purchasing an additional 170,742 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of ImmunityBio in the 2nd quarter worth approximately $515,000. Finally, GSA Capital Partners LLP lifted its stake in ImmunityBio by 290.3% in the third quarter. GSA Capital Partners LLP now owns 107,985 shares of the company’s stock valued at $402,000 after purchasing an additional 80,318 shares during the last quarter. Institutional investors own 8.58% of the company’s stock.

About ImmunityBio

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in developing therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. Its platforms for the development of biologic product candidates include antibody-cytokine fusion proteins; DNA, RNA, and recombinant protein vaccines; and cell therapies.